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Aug 2, 2013
08/13
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the economy grew without being driven by credit growth. since 1980, we have seen a continual creep up pretty much in that debt ratio, and it is not just the u.s., it is across the western world. >> okay. take the point, the question is what does one do with that -- what is the conclusion, what is the consequence? >> i think the implication is policy is not actually working on a long-term sustainable basis. the throw the kitchen sink at the economy to get demand up, whatever it takes, is not a long-term sustainable solution. it is working for now. not long-term sustainable. ultimately you have to consider the keynesian is right, we need to revive animal spirits or is the case that the leverage is killing the animal spirits. in which case you are to deal with the leverage, which means you are to cancel debt. so i actually believe ultimately we're heading towards a jubilee type moment. if you look the at course of history -- >> jubilee type moment. >> where the debt cancellation type concept, if you look at the course of history, that's ultim
the economy grew without being driven by credit growth. since 1980, we have seen a continual creep up pretty much in that debt ratio, and it is not just the u.s., it is across the western world. >> okay. take the point, the question is what does one do with that -- what is the conclusion, what is the consequence? >> i think the implication is policy is not actually working on a long-term sustainable basis. the throw the kitchen sink at the economy to get demand up, whatever it...
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Nov 12, 2013
11/13
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>> well, if the economy recovers and strengthens and you continue to inject liquidity in the economy, that means that you're becoming more and more accommodating. and so the risk of fueling a bubble is certainly there. >> asset bubbles are great, aren't they, because equity investors feel better about themselves, they've got more wealth, they can spend more. >> they can burst. when they burst, then everybody gets hurt. so you have to be very careful. i think we have the experience of 2007, 2008. we have the experience of the high tech bubble. so when the bubble bursts, i think you have to be -- the idea was that monetary policy would take care of the bubble bursting. but the experience we are living through shows that there are limits. so it's better to avoid bubbles, to prevent bubbles, than to try to deal with them afterwards. >> so basically, fed should have tapered in september and should be tapering as soon as possible. that's your view? >> i shouldn't say what the fed should do, but i think they should be more clear and guide the markets in an explicit way. as the economy recove
>> well, if the economy recovers and strengthens and you continue to inject liquidity in the economy, that means that you're becoming more and more accommodating. and so the risk of fueling a bubble is certainly there. >> asset bubbles are great, aren't they, because equity investors feel better about themselves, they've got more wealth, they can spend more. >> they can burst. when they burst, then everybody gets hurt. so you have to be very careful. i think we have the...
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Dec 18, 2013
12/13
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they're adding a bit more stimulus to the economy when the economy clearly doesn't need it. so i don't think it's a good -- it's a reason, but it's not a good reason for not doing it. as far as yellen goes, why leave her to take all the stink that goes wrong? i would start the policy meeting and maybe blame -- even though she is the brain of everything the fed has been doing for years. >> thank you for joining us today. thank you so much for joining us. patrick sticks around until the end of the show. don't forget, we've got full coverage as you might expect of the federal reserve decision at 1400 eastern and bernanke's final press korchb as chairman begins half an hour later. >>> there are some other conference we're following today. the senate vote today on a final passage of the budget deal. some democrats and republicans say they'll push for a separate bill to restore cost of living increases for military retirement benefits. the justice department is reportedly preparing charges for citi and merrill lynch mortgage fraud. investors lost billions after buying securities a
they're adding a bit more stimulus to the economy when the economy clearly doesn't need it. so i don't think it's a good -- it's a reason, but it's not a good reason for not doing it. as far as yellen goes, why leave her to take all the stink that goes wrong? i would start the policy meeting and maybe blame -- even though she is the brain of everything the fed has been doing for years. >> thank you for joining us today. thank you so much for joining us. patrick sticks around until the end...
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Mar 21, 2013
03/13
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he said the chancellor is sucking the confidence out of the economy. the financial markets seemed e prerelaxed with what we heard yesterday. >> i think the potential markets have factored in now for very many months. the economy here in the uk is flat. it's flat lined. there's no growth. our deficit has been expected to stay high now for many months. the chancellor confirmed yesterday what we've all known for a long time. the national debt is rising year on year. the borrowing is not coming down. britain was an experiment two years ago in rapid austerity. i think the markets here know what the country here in britain knows, it's failed. >> they did come out saying business applauded measures yesterday, which i'm sure he would also applaud. 32 pounds of national insurance. that's going to help job creation, cutting corporate tax rates again. infrastructure spending, he's done that, as well. there are very business friendly measures here and it's the private sector, after all, that's going to get the growth going in this country. >> look, the small busin
he said the chancellor is sucking the confidence out of the economy. the financial markets seemed e prerelaxed with what we heard yesterday. >> i think the potential markets have factored in now for very many months. the economy here in the uk is flat. it's flat lined. there's no growth. our deficit has been expected to stay high now for many months. the chancellor confirmed yesterday what we've all known for a long time. the national debt is rising year on year. the borrowing is not...
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May 14, 2013
05/13
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will that jobs -- for the economy? >> i have no idea, but that's the price that politicians are saying they're going to take. >> if the u.s. want to -- and the unions have committed across europe to maintaining the euro, in the eurozone then the unions know that big countries are small. but you need not only economic numbers and they're talking about financial union and tech reform. they have to be debated. but you need jobs and you need a sense that you're looking at the economic sitting across the eurozone, not country by country. and that's -- for failure. but the european central, the european central bank have got it wrong. now two more countries, france and netherlands and take them. >> the dutch number is kind of interesting. a big jump up we've heard in the last month or so. >> the court in bangladesh building, its policy collapse a few weeks ago. the fashion chain led by the international organization trade union and other goods. at the same time, calvin cline has been so far resisting. >>> also, workers who b
will that jobs -- for the economy? >> i have no idea, but that's the price that politicians are saying they're going to take. >> if the u.s. want to -- and the unions have committed across europe to maintaining the euro, in the eurozone then the unions know that big countries are small. but you need not only economic numbers and they're talking about financial union and tech reform. they have to be debated. but you need jobs and you need a sense that you're looking at the economic...
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Mar 25, 2013
03/13
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the economy will have to reinvent itself. the model centering on offshore accounts coming from russia, that is essentially broken. what is next for the economy? >> the offshore banking sector has been broken for the time being. the economy has always arrived on two sectors. tourism will continue, of course. it needs to revive some of the things it's doing. agriculture, light industry, but there isn't much land around to be doing that. so i think what the next business model will be that will employ all of these hundreds of accountants, lawyers, is again going to be business services. we still have a very good corporate cessation. we have very good agreement with other countries. but i'm afraid cyprus will have to forget banks in attracting big deposits on which they make good money. they have to think of other services that businesses are going to need and grow that economy. focus on shipping or trade, that kind of thing. >> economists coming out this morning and saying that this economy could be facing a decline in gdp of mo
the economy will have to reinvent itself. the model centering on offshore accounts coming from russia, that is essentially broken. what is next for the economy? >> the offshore banking sector has been broken for the time being. the economy has always arrived on two sectors. tourism will continue, of course. it needs to revive some of the things it's doing. agriculture, light industry, but there isn't much land around to be doing that. so i think what the next business model will be that...
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Mar 5, 2013
03/13
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it's stilly a bright spot in its economy. ross. >> meanwhile, here we are, an hour and 15 minutes into the trading day. there's a lot of green on european stocks. only about 25 stocks in negative territory. the ftse and 1100 yesterday was down 0.5%. right now, we're up nearly 11%, 6,403. banks, resources doing particularly well today. so despite continuing negative news, these markets wants to keep line up. xetra dax 1.6%. the ibex up 1.4%. even the ftse mib up around 2%, 300 points higher. gilt yields backing up, steady at 4.74. ten-year spanish yields, 5.03% is where we stand. so just still under that 27, 26 basis point spread which we hit. currency markets, that friday low was 1.2966. dollar/yen, still in the range between 9 0 and 1933. reserve bank of australia kept rates down. the aussie the priced in a slim change. that is where we are right now in this european trade. let's recap what happened in asia today. sixuan joins us for the first time today. hi, sixuan. >> thank you, ross. asian markets reclaimed some of yester
it's stilly a bright spot in its economy. ross. >> meanwhile, here we are, an hour and 15 minutes into the trading day. there's a lot of green on european stocks. only about 25 stocks in negative territory. the ftse and 1100 yesterday was down 0.5%. right now, we're up nearly 11%, 6,403. banks, resources doing particularly well today. so despite continuing negative news, these markets wants to keep line up. xetra dax 1.6%. the ibex up 1.4%. even the ftse mib up around 2%, 300 points...
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Aug 12, 2013
08/13
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and so -- or the economy -- japanese economy is not good. so kind of no news is kind of ease the markets back, especially coming off of basically all-time highs. until probably middle of next week. >> okay. mark, thank you so much for that. have a fantastic week. mark sebastian, chief operating officer at option pit mentoring and consulting. >>> and earlier, we told you how norway's prime minister moonlighted as a taxi driver ahead of elections. and we asked what job would you do for one day if you had the chance to take time out from your regular work? peter dunn tweeted he'd like to cook and bake for his family for one day as a job. not sure if the pay is that great. john wright also tweeted to say he'd like to be a physical therapist to help others regain their health and deal with pain. now, that is a very noble job, isn't it? now, i, over the last two hours, i had to think, and i came up with my favorite job for one day if i, you know, didn't have to come into cnbc for one day. i've got to say, i do want to stay in the journalist space,
and so -- or the economy -- japanese economy is not good. so kind of no news is kind of ease the markets back, especially coming off of basically all-time highs. until probably middle of next week. >> okay. mark, thank you so much for that. have a fantastic week. mark sebastian, chief operating officer at option pit mentoring and consulting. >>> and earlier, we told you how norway's prime minister moonlighted as a taxi driver ahead of elections. and we asked what job would you do...
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Oct 9, 2013
10/13
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maybe more than feasible in this kind of economy. so we have to take a measured approach to bring down cpi inflation. but what i want to emphasize is that we're not going to night it. at the same time, i think, you know, are you going through a broker and this and that, i think any central banker today realizes that if economic fwroeth is weak, it's already a disinflationary process under way. and so whenever you look at inflation, you take into account the economy and what you want to put in place in order to bring down the inflation. >>> still to come on the show, our next guest says janet yellen was priced into inflation. and stay tuned for more on the new fed chief. markets might tick higher at the open today. right now, the s&p surprise by eight and the dow by more than 60. more after this. [ woman ] if you have the audacity to believe your financial advisor should focus on your long-term goals, not their short-term agenda. [ woman ] if you have the nerve to believe that cookie cutters should be for cookies, not your investment
maybe more than feasible in this kind of economy. so we have to take a measured approach to bring down cpi inflation. but what i want to emphasize is that we're not going to night it. at the same time, i think, you know, are you going through a broker and this and that, i think any central banker today realizes that if economic fwroeth is weak, it's already a disinflationary process under way. and so whenever you look at inflation, you take into account the economy and what you want to put in...
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Nov 14, 2013
11/13
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it's happening because the economy is recovering. the best result is the economies demonstrate they are recovering. it's a good outcome. if somebody is surprised by this over the next couple of months, and it will occur over the next couple of months, then shame on then. there's been plenty of warning here. >> do you think the evidence is going surface within the next couple of months. >> i think it's rebuilding. honestly, had it not been for the debt ceiling debacle, i think we would have had tapering right now. so i think as we get closer to a mini bargain, not a grand bargain, and some evidence that congress and the administration can come together, i think you'll see tapering. i would expect definitely in the first half of next year. >> do you think all the money out there has created asset bubbles? >> you know, it's -- that's a tough question. certainly the feeling in the emerging markets and having been in indonesia before today and singapore and now up through hong kong and china, there's clearly a sense of that. but, you know
it's happening because the economy is recovering. the best result is the economies demonstrate they are recovering. it's a good outcome. if somebody is surprised by this over the next couple of months, and it will occur over the next couple of months, then shame on then. there's been plenty of warning here. >> do you think the evidence is going surface within the next couple of months. >> i think it's rebuilding. honestly, had it not been for the debt ceiling debacle, i think we...
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Mar 20, 2013
03/13
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economy. maybe a little bit of help from heaven. back over to you. >> the archbishop, this is something people should go look up this piece of the story. this is a fascinating piece. he's seen as this spiritual leader there who has been quite vocal. he's been out there talking saying let's get out of the euro and go back to the pound. do we have carolyn? can i briefly ask what it's like on the ground there? we understand that it may be several more days, not just thursday, before people can access their money in cyprus. >> absolutely. initially we know that banks were going to be closed up until tomorrow but at this point there's a lot of speculation that banks will be closed up until tuesday because monday is another bank holiday and at this point it's very, very uncertain that we'll get a viable plan b to get the bailout deal in place at this point it doesn't look like we'll get it by tomorrow. at this point we are expecting that banks are going to be closed for a little bit longer. of cours
economy. maybe a little bit of help from heaven. back over to you. >> the archbishop, this is something people should go look up this piece of the story. this is a fascinating piece. he's seen as this spiritual leader there who has been quite vocal. he's been out there talking saying let's get out of the euro and go back to the pound. do we have carolyn? can i briefly ask what it's like on the ground there? we understand that it may be several more days, not just thursday, before people...
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Nov 7, 2013
11/13
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and the economy in europe is weaker. the economy in the u.s. is stronger. so there's a contradiction. >> still to come, pc sales continue to lag. lenovo gets a boost as it expands in new areas. we'll break down those figures right after this very short break. >>> the headlines from around the globe, twitter prices shares in its ipo at $20 each above the expect dollarsed range and valuing the company at more than $18 billion. we'll bring you an exclusive interview with the twitter ceo at 11:00 cet. >>> will he succumb to the pressure? market participants expect the ecb to keep rates on hold. leaving many wondering if president mario draghi should opt for a cut. banks stocks rise with commerce bank leading the way. it's begin to go pay off. germany's second biggest lender cutting forecasts with a 15% rise in net profit. >>> the german enginee gia promising a new strategy in may. they vow to return the company to growth. >> it is about innovation. this is about reliability. quality. and that's what we are going to do. by explorering our market opportunities an
and the economy in europe is weaker. the economy in the u.s. is stronger. so there's a contradiction. >> still to come, pc sales continue to lag. lenovo gets a boost as it expands in new areas. we'll break down those figures right after this very short break. >>> the headlines from around the globe, twitter prices shares in its ipo at $20 each above the expect dollarsed range and valuing the company at more than $18 billion. we'll bring you an exclusive interview with the twitter...
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Dec 2, 2013
12/13
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economy is necessarily going to be good for the israeli economy. they're the largest trading partner with israel and the e.u. is second. the conciliatory tone is one that we heard him talking about tehran. we're hearing it from the gulf states as well. you have the gulf arabs as well as the israelis, they're kicking at the traces but in the end they realize they're still pulling the same cart, which is the cart of the u.s. foreign policy so they have to get on board at some point. later this week in bahrain, foreign ministers from the united states, from the u.k., gulf states, egypt will be meeting and sitting down. they invited their iranian counterpart as well. we can learn more about how this agreement is going to play out. >> yeah. so we'll have to see how that plans out, hadley. another follow-up. cutting things, that's interesting when we're wondering what was going to happen with iran. >> exactly. he gave me a wink. he said there was going to be fights with the ministries. he didn't want to touch education or hurt welfare basically spending.
economy is necessarily going to be good for the israeli economy. they're the largest trading partner with israel and the e.u. is second. the conciliatory tone is one that we heard him talking about tehran. we're hearing it from the gulf states as well. you have the gulf arabs as well as the israelis, they're kicking at the traces but in the end they realize they're still pulling the same cart, which is the cart of the u.s. foreign policy so they have to get on board at some point. later this...
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Nov 18, 2013
11/13
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in terms of what the economy does. so we're still going to be a service-based economy. we'd like to have more manufacturing. we'd like to have more exports. i think we've got a good opportunity to do that, but we're not going to overtake services within the economy. >> right now take the g 10, u.k. has the strongest growth, and how would you describe where that growth is feeding through integrated confidence in businesses? are we going to get are you sensing a pickup in investment led growth? are firms seeing a lot of cash going to put it into more machinery or staff? >> it seems so. that seems to be the last piece of the jigsaw, getting business investments. consumer confidence was recovering a bit in 2010 then it was hit hard by the second oil spike and the euro crisis. again, consumer confidence is coming back. this time you can see business confidence is growing strongly. i think that's important in sustaining the recovery, which really looks well developed. >> are there specific things that can be done? people at the bbc say more funding needs to be put into ukti r
in terms of what the economy does. so we're still going to be a service-based economy. we'd like to have more manufacturing. we'd like to have more exports. i think we've got a good opportunity to do that, but we're not going to overtake services within the economy. >> right now take the g 10, u.k. has the strongest growth, and how would you describe where that growth is feeding through integrated confidence in businesses? are we going to get are you sensing a pickup in investment led...
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Jun 11, 2013
06/13
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i think the economy can stand that. i think it is justified by the improvements in the economy since last september. >> claus does acknowledge the fed policymakers are struggling with how to calibrate the unwinding of the stimulus program saying it is something with which they don't have a lot of experience. gina sanchez, good morning to you. >> good morning to you. taking inflation is low. we can go at it aggressively. what do you think? >> i think it is more that inflation is low. that's helpful, but ben bernanke has been clear he's looking for signs of a self-sustaining recovery. and those signs are going to be in places like the labor markets, the manufacturing data came in weak, it is in contraction. there is still at least going to be some pullback and probably q-2 or q-3 data in terms of fiscal drag. in terms of timing, that would be a terrible time to taper or announce that you're going to begin to taper. as soon as you make that announcement, the long end of the curb will go right back up. >> yields are going u
i think the economy can stand that. i think it is justified by the improvements in the economy since last september. >> claus does acknowledge the fed policymakers are struggling with how to calibrate the unwinding of the stimulus program saying it is something with which they don't have a lot of experience. gina sanchez, good morning to you. >> good morning to you. taking inflation is low. we can go at it aggressively. what do you think? >> i think it is more that inflation...
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127
Apr 17, 2013
04/13
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we're in a slow economy. the slower the economy, the bigger the credit book and bigger the share buybacks have in driving stock prices higher over time. >> you're calling this voodoo. there's a powerful force between buybacks and money from pension funds will continue and that's why as you indicated earlier looking at the sell-off in gold and what it has done to takeout equities and say if anything it's a buying opportunity. >> it is voodoo finance driven by financial engineering. that will drive stock prices higher over th years because we're in a credit boom. credit booms always end and they end badly. they probably won't end for two to five years and that's longer than most analysts think this cycle is going to last. it's going to drag stock prices up but if you're a long-term investor, you can't own stocks. you can only rent them. >> does that mean it ends badly for china here too. we've seen so much focus in the news today on the local government debt levels. any way they avoid a similar crash outcome? >
we're in a slow economy. the slower the economy, the bigger the credit book and bigger the share buybacks have in driving stock prices higher over time. >> you're calling this voodoo. there's a powerful force between buybacks and money from pension funds will continue and that's why as you indicated earlier looking at the sell-off in gold and what it has done to takeout equities and say if anything it's a buying opportunity. >> it is voodoo finance driven by financial engineering....
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Aug 7, 2013
08/13
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based economy. and that will not be frictionless. that will be bumps along the way. i'm not saying they can't do it, but will not be frictionless. the chinese have to get much more engaged with the economy. and they'll have to stimulate growth in other areas other than just moving roads, trains, bridges, et cetera. they have to really -- >> also the core inflation report today out of the bank of england. waiting to see if we get forward guidance. they'll try to anchor the short end of the bond market. what is your view of gilts at the moment and what is happening with bond funds? >> short-term, long-term, today the inflationary report is the biggest change in uk monetary policy since black wednesday and that sounds like hyperbole, but this is the biggest change since black wednesday. this is the next stage in what a 12 to 18 month project to move uk investors away from focusing purely on inflation. we're moving to inflation plus another variable. >> yeah. are we subsuming inflation? are we downgradi
based economy. and that will not be frictionless. that will be bumps along the way. i'm not saying they can't do it, but will not be frictionless. the chinese have to get much more engaged with the economy. and they'll have to stimulate growth in other areas other than just moving roads, trains, bridges, et cetera. they have to really -- >> also the core inflation report today out of the bank of england. waiting to see if we get forward guidance. they'll try to anchor the short end of the...
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Nov 29, 2013
11/13
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the economy is not in such a bad shape. it's just that france will have less growth than the others. >> wheelchair got inflation coming out in about an hour. the core rate is running 0.8%, from around there. we saw m3 yesterday coming in at 147% on the year-end october, forecast add 1.7%. how big is the deflation threat? >> well, we like to see a modest inflation. the readings that we had was artificially depressed. but, indeed, underlying inflation in the eurozone is just below 1%. and with the economy at the moment having a mediocre growth .money supply dynamics being fairly weak, inflation can stay low. there is a chance that three months or six months from now inflation will be even a little lower than it is today. >> which would warrant more reaction from the ecb? >> depends on what the real economy does. if the real economy follows the reading indicators and actually perks up, then the ecb doesn't have to do more. inflation is a lagging indicator of the cycle. we know inflation will start to normalize. >> have a great
the economy is not in such a bad shape. it's just that france will have less growth than the others. >> wheelchair got inflation coming out in about an hour. the core rate is running 0.8%, from around there. we saw m3 yesterday coming in at 147% on the year-end october, forecast add 1.7%. how big is the deflation threat? >> well, we like to see a modest inflation. the readings that we had was artificially depressed. but, indeed, underlying inflation in the eurozone is just below 1%....
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Mar 1, 2013
03/13
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now the polish economy is facing serious challenges. [singing] hoveround takes me where i wanna go... where will it send me... one call to hoveround and you'll be singing too! pick up the phone and call hoveround, the premier power chair. hoveround makes it easier than any other power chair. hoveround is more maneuverable to get you through the tightest doors and hallways. more reliable. hoveround employees build your chair, deliver your chair, and will service your chair for as long as you own your chair. most importantly, 9 out of 10 people got their hoveround for little or no cost. call now for your free dvd and information kit. you don't really have to give up living, because you don't have your legs. hoveround replaced the legs. and now every hoveround comes with this handy tote bag and cup holder for access to your favorite items. and right now, get this limited edition hoveround america travel mug free with your hoveround delivery. [singing] hoveround takes me where i wanna go. call or log on to hoveround.com to find out where a
now the polish economy is facing serious challenges. [singing] hoveround takes me where i wanna go... where will it send me... one call to hoveround and you'll be singing too! pick up the phone and call hoveround, the premier power chair. hoveround makes it easier than any other power chair. hoveround is more maneuverable to get you through the tightest doors and hallways. more reliable. hoveround employees build your chair, deliver your chair, and will service your chair for as long as you own...
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Feb 28, 2013
02/13
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economy. so i think overall, it's been a fairly pragmatic, fairly balanced budget, although the gross pouring numbers did surprise the markets on the up side and they're taking it negatively. >> i was just going to say, we're seeing the sensex now down almost 1%. despite what you're laying out here, there's clearly some investor concern about what this means for india. >> well, i think given the 10% surcharge on corporation, there has to be a technical increase in stocks. payments have to be paid back. beyond that, i think it really -- the tendency has been to basically take off budget measure toes try and boost sentiment. that's been the modum operan did i of the current government. because, again, the government has to meet its divestment targets and for that, it needs a buoyant equity market. >> presumably, we're going to have high gross borrowing and high spending. that will be inflationary. how will the rbi respond? >> well, i think the rbi has been doing a good job in sort of managing th
economy. so i think overall, it's been a fairly pragmatic, fairly balanced budget, although the gross pouring numbers did surprise the markets on the up side and they're taking it negatively. >> i was just going to say, we're seeing the sensex now down almost 1%. despite what you're laying out here, there's clearly some investor concern about what this means for india. >> well, i think given the 10% surcharge on corporation, there has to be a technical increase in stocks. payments...
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Nov 20, 2013
11/13
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takahashi successfully -- the economy. and back then, the economy developed by 60%. to date, we only have 20%. so it's legitimate to expect more. and in the equity markets, there's not only easing, but now there's a new program for retail that is going to be allowed to spend 1 million yen into the stock market tax free, income tax free and capital gains tax free. that amounts to $700 billion. >> combine that with the pension fund, also shifting its stance slightly. >> effectively, yes. normally the japanese market should go up. you can capture it if you're -- and the inflation. >> francesco, stick around. more to come from you. >>> also still to come, u.s. banks have outperformed their european peers by a wide margin for the year. find out more when we return. as we do so, futures right now indicating flat to -- well, flat open right now for u.s. stocks. we'll see you in a few moments. >>> you're watching "worldwide exchange." the headlines today, fed chairman ben bernanke says the central bank is committed to its ultra easing monetary policy for as long as needed, e
takahashi successfully -- the economy. and back then, the economy developed by 60%. to date, we only have 20%. so it's legitimate to expect more. and in the equity markets, there's not only easing, but now there's a new program for retail that is going to be allowed to spend 1 million yen into the stock market tax free, income tax free and capital gains tax free. that amounts to $700 billion. >> combine that with the pension fund, also shifting its stance slightly. >> effectively,...
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Sep 19, 2013
09/13
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economy and labor market. the fomc notice dollars the impact of rising mortgage rates which have surged since the fed hinted this summer that it might trim its bond purchases. the federal reserve blamed washington for moving towards a potential shutdown. in his press conference, ben bernanke says the fed could still taper before the end of the year depending on whether growth and the pace of hiring improve. >> there is no fixed calendar schedule. i really have to emphasize that. if the data confirm our basic outlook, if we gain more confidence in that outlook and we believe that the three-part test that i mentioned is indeed coming to pass, then we could move later this year. we could begin later this year. but even if we do that, the subsequent steps will be dependent on conditioned progress in the economy. so we are tied to the data. we don't have a fixed calendar. >> the fomc cut its forecast for the third time. although it's still expected to pick up in 2014 and '15 and believes unemployment could fall to
economy and labor market. the fomc notice dollars the impact of rising mortgage rates which have surged since the fed hinted this summer that it might trim its bond purchases. the federal reserve blamed washington for moving towards a potential shutdown. in his press conference, ben bernanke says the fed could still taper before the end of the year depending on whether growth and the pace of hiring improve. >> there is no fixed calendar schedule. i really have to emphasize that. if the...
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Nov 19, 2013
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economy. it didn't sound a lot different than mario draghi's comments earlier this month. there was a concern of cyclical upswing and at the same time we see moderate and even fragile growth. we are seen still continued deterioration and credit growth to the private sector which is a major concern to the ecb. the rates cuts were sduns discuss discuss discussed with that, ross, back to you. >> annette, thanks for that. i'm sorry, i'm a little bit lost at the moment bauts because i've trying to work out -- we have power for you. right? >> so we now have a red light. hopefully we'll be able to see this come to life. the cnbc screen is -- >> if anybody has a remote to change the right channel -- >> it needs to be on hdmi and you should be on the screen -- >> 20 seconds to find that. >> let's see. >> ross. >> okay. well, while this is a computer that anyone can make and it's quite simple, this is a tv that perhaps not everyone can figure out. oh, here we go. >> we'll keep our eyes on that. alex --
economy. it didn't sound a lot different than mario draghi's comments earlier this month. there was a concern of cyclical upswing and at the same time we see moderate and even fragile growth. we are seen still continued deterioration and credit growth to the private sector which is a major concern to the ecb. the rates cuts were sduns discuss discuss discussed with that, ross, back to you. >> annette, thanks for that. i'm sorry, i'm a little bit lost at the moment bauts because i've...
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Oct 17, 2013
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a bit of a rebound in the economy. people have been wondering, bear in mind they have no average earnings increase. what is consumer spending based on? >> first of all, that is a good number. there was the potential for september to be a rather good month. if you pick up on some of the stocks likes next and marks & spencer, they have a wobble towards the end of the month in their share prices. and that was on the basis, particularly in the uk it's a critical time for these retailers as they're start to go stop new goods. >> and it's a very warm september. >> and as a result of that there was a fear that many of these stocks were seeing the numbers. at the moment the savings ratio in the uk is certainly on a down trend. i think during the recession and during the financial crisis it was notable how consumers started increasing the savings ratio of money and putting money aside, repaying debt. but over the course over the summer months of 2013 it's been notable that the savings ratio has started to dip back down again. s
a bit of a rebound in the economy. people have been wondering, bear in mind they have no average earnings increase. what is consumer spending based on? >> first of all, that is a good number. there was the potential for september to be a rather good month. if you pick up on some of the stocks likes next and marks & spencer, they have a wobble towards the end of the month in their share prices. and that was on the basis, particularly in the uk it's a critical time for these retailers...
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Feb 5, 2013
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it's quite a robust economy, at least compared to spain. so i think ultimately one will drag the other down if there's bad news, but in terms of the underlying correlation, it's quite low. >> they're tied together, head down a steep slow. interesting point. they were looking there at the spanish bond yields. the ten year is perking up, ross. 5.44% is the latest. >> kelly, let's bring everyone up to speed after sharp falls yesterday. europe has a majority of green at the moment. 7 to 3, advancers outpacing decliners. this morning as we track through, up 30 points. the xetra dax down 2.4% yesterday. currently up 14 points. the ibex was down nearly 3.75%. right now the cac 40 up nearly 2%. up today 0.5%. we'll run through these quickly for you. but we have arm holdings came out with better than expected numbers. go straight from that to the debt wall. shall we have a look at debt yields? probably worth taking a very quick look at. ten-year, a 14 basis point rise in spain. 5.44 yesterday. that's pretty much where we finished the session yesterd
it's quite a robust economy, at least compared to spain. so i think ultimately one will drag the other down if there's bad news, but in terms of the underlying correlation, it's quite low. >> they're tied together, head down a steep slow. interesting point. they were looking there at the spanish bond yields. the ten year is perking up, ross. 5.44% is the latest. >> kelly, let's bring everyone up to speed after sharp falls yesterday. europe has a majority of green at the moment. 7 to...
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Jan 31, 2013
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obviously in the terms of provision of credit to the real economy. and i -- obviously, a large part of all of this is regulation and the speed that that's coming in and the extent that it affects the investment banks more than alltory banks. but if at the end of this process, as you say, all european banks follow the same strategy of being domestically focused retail banks with very little else outside of that, they're not going to be particularly profitable in the long run. >> that doesn't necessarily sound like a euro wide banking union, either. aside from the fact that deutsche has been up a little bit, santander is down and banks are generally weaker across the board. >> first of all, you obviously have capital levels. people are concerned whether the banks have enough capital. secondly, litigation risk and finally, default levels. there is so much focus on we need a banking union, we need unity and oversight. there are two key things missing at the moment, and first of all, that's for the ecb to have authority. there's no banking resolution in p
obviously in the terms of provision of credit to the real economy. and i -- obviously, a large part of all of this is regulation and the speed that that's coming in and the extent that it affects the investment banks more than alltory banks. but if at the end of this process, as you say, all european banks follow the same strategy of being domestically focused retail banks with very little else outside of that, they're not going to be particularly profitable in the long run. >> that...
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Dec 11, 2013
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economy. and only 3% say the economy will improve over the next year. that's up 12 points since early october when the government shutdown began. and certainly the most recent numbers we've gotten on unemployment and job growth may well be helping there. but healthcare.gov has been a big, big problem for the obama administration. kathleen sebelius will be testifying this morning before the house energy and commerce committee. she's going to taught the improvements on the website since they've had their fix. since december 1st, things have been rolling along. nonetheless, it's been a very, very rocky start, to say the least. >> the moral is that health can really damage you, right? >> yeah, yeah. certainly the health of your administration or the way people perceive it. >> thanks for that, bertha. always good to see you. have a great day. >>> meanwhile, they came in like a wrecking ball, not bertha, but risque pop star miley cyrus. is this really a symbol of the way we live? "time" magazine editor nancy gibbs has included the singer on the list of this p
economy. and only 3% say the economy will improve over the next year. that's up 12 points since early october when the government shutdown began. and certainly the most recent numbers we've gotten on unemployment and job growth may well be helping there. but healthcare.gov has been a big, big problem for the obama administration. kathleen sebelius will be testifying this morning before the house energy and commerce committee. she's going to taught the improvements on the website since they've...
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Oct 28, 2013
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economy and the world economy is doomed to a horrible future. i refuse to give into that thought. >> treasury yields, there's a small minority, but some think treasury yields will fall down be to 2% and fall and they move up to 3% again. >> i think this side of christmas if you saw 2 or 3, it would be 2 not 3. neither seems at all likely right now. we've taken away all the things that would send treasury yields higher. we've given the global investor community at the end of this year, if you want to earn money, if you think there's nothing to be gained from cash, you either need duration, go out and get yields, or credit risk or buy credit equities, find another thing, find some currency, buy some wine, do something. don't put your money in cash. there is a fourth quarter rush to do that right now. >> to carry bank? >> carry currencies had a good run from mid september until now. it's all happened quickly. carry for the next three or four months is back. >> it is worth pointing out today, we had a storm in the u.k. it is 84 years today since the
economy and the world economy is doomed to a horrible future. i refuse to give into that thought. >> treasury yields, there's a small minority, but some think treasury yields will fall down be to 2% and fall and they move up to 3% again. >> i think this side of christmas if you saw 2 or 3, it would be 2 not 3. neither seems at all likely right now. we've taken away all the things that would send treasury yields higher. we've given the global investor community at the end of this...
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Sep 20, 2013
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it is expected to put a lot of strain on the economy. now, is the rise of the extremism kind of expected? yes. is what's happening worrisome? yes, indeed, very much so. >> very quickly, yes or no, should the party be outlawed? >> that's a political decision. i'm a greek citizen. but i think this is outside the measure of our democracy. >> well handled, avoided. the deputy head of the national bank of greece. guys, back to you. >> julia, thanks very much, indeed, for that. that's the latest out of athens. while berlin continues to reject claims of a greek problems, a new report suggests a growth in ddp for the next quarter. but it warns stark divergence between the north and the south. joining us in the studio is marie. thanks very much indeed for joining us. >> good morning. >> there's always been a north/south divide. are you suggesting it's getting worse? >> we're suggesting it's fought getting better. this is something we've looked at since the beginning of this crisis. the convergence happened since early 2000. but what we're seeing
it is expected to put a lot of strain on the economy. now, is the rise of the extremism kind of expected? yes. is what's happening worrisome? yes, indeed, very much so. >> very quickly, yes or no, should the party be outlawed? >> that's a political decision. i'm a greek citizen. but i think this is outside the measure of our democracy. >> well handled, avoided. the deputy head of the national bank of greece. guys, back to you. >> julia, thanks very much, indeed, for...
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May 3, 2013
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to a high income economy. let's talk about the what ifs. if the ruling coalition lose power this general election and the opposition come in, do you think that's going to be at risk? >> i think the priorities will be different. i think the priorities, for example, will be tackling waves and corruption and misuse and abuse of powers and so on. >> if you look at what people want in the urban areas, a lot of people are looking for change. in your opinion, are they ready for change? and would this change be a bumpy one for the southeastern malaysian nation? >> it would certainly be a bumpy one. i think this is a worldwide yearning for change. and although it did not hit malaysia -- >> you make a very good point. this is something the politicians in malaysia are sort of dealing with. how big of a game changer is this for both sides? >> i think it's a huge mobilizati mobilization. i think this is the kind of economic conditions as prevailing in a lot of corrupt countries. so i don't think that will be an issue. >> i
to a high income economy. let's talk about the what ifs. if the ruling coalition lose power this general election and the opposition come in, do you think that's going to be at risk? >> i think the priorities will be different. i think the priorities, for example, will be tackling waves and corruption and misuse and abuse of powers and so on. >> if you look at what people want in the urban areas, a lot of people are looking for change. in your opinion, are they ready for change? and...
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Oct 22, 2013
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. >> the portuguese economy minister speaking to me earlier. they want to end this program next year and give up a cautionary program. so a very different tone if you compare them to the likes of ireland. >> why are they so intent to regain sovereignty? if you're going to go to banking union -- >> it's more europe. it's not that more europe any more. >> you have less korchbty. >> i don't think they want to be dictated to any more. that's the point. yes, you give up something. but the time for more europe is over. they want to be more so fest indicated about how we do it. >> more europe is the answer. >> more sophisticated about how we do it. >> that's not what jean-claude trichet says. a federalist in the european commission are still -- >> i think we have too be a bit more selective about what we do. >> i'm not saying that's what i want. i'm just saying that's -- >> i know. but i'm exciting the european cause. i have to. >> the european cause is a federal europe. they have to. julia, thank you very much. >>> the italian prime minister is comin
. >> the portuguese economy minister speaking to me earlier. they want to end this program next year and give up a cautionary program. so a very different tone if you compare them to the likes of ireland. >> why are they so intent to regain sovereignty? if you're going to go to banking union -- >> it's more europe. it's not that more europe any more. >> you have less korchbty. >> i don't think they want to be dictated to any more. that's the point. yes, you give up...
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Jun 7, 2013
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they are not anticipating where the economy is going. and so what they do is when they see their order book, as we saw it in the ism, maybe trailing down a little bit, then they're also adjusting downward or upward their employment expectations. but they're not doing strategic planning, they're doing reactive hiring. >> jim, we're in a schizophrenic market at the moment, very volatile market. how does this machine play into that today? you talk about a lose-lose situation. sure. exactly. our view is from a volatility cycle perspective. we're six months into an extended period of low volatility in the u.s. however, we will experience bouts of volatility. we're in the midst of one of those right now. in our view, in volatility terms, the vix is probably capped at 25. and the s&p probably pulls back a maximum of 7%, about halfway there. but it does suggest some vulnerability into the payroll report today. >> yeah. how much hedging is going ahead of this number? >> i think not much. surprisingly. we've seen option volume actually tail off in
they are not anticipating where the economy is going. and so what they do is when they see their order book, as we saw it in the ism, maybe trailing down a little bit, then they're also adjusting downward or upward their employment expectations. but they're not doing strategic planning, they're doing reactive hiring. >> jim, we're in a schizophrenic market at the moment, very volatile market. how does this machine play into that today? you talk about a lose-lose situation. sure. exactly....
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Feb 18, 2013
02/13
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and i believe that advanced economies, systemically important economies must be sensitive to the lower impact of their policies. >> also speaking on the sidelines of the g-20, australia's deputy prime minister dismissed talk of a currency war, but did admit that a stopping aussie/dollar is a concern and key to australia's economy. >> we saw a huge crash in commodity prices in the second half of last year and that relied heavily on our revenues. and part and parcel of all of that was doubts about the future of chinese growth. but if the chinese economy is growing 7.5% or 8%, that's still very strong growth. it's good news not just for australia, not just for the region, but for the global economy. the chinese economy is something like 40% larger than it was at the end of the 2007 when it was growing at 10. so with an economy growing at 8 or just below 8, it's still making a significant contribution to global growth. >> have we got a better balance now in terms of austerity versus growth in terms of a coordinated g-20 agenda? >> look, i was pleased to hear the discussion about the econom
and i believe that advanced economies, systemically important economies must be sensitive to the lower impact of their policies. >> also speaking on the sidelines of the g-20, australia's deputy prime minister dismissed talk of a currency war, but did admit that a stopping aussie/dollar is a concern and key to australia's economy. >> we saw a huge crash in commodity prices in the second half of last year and that relied heavily on our revenues. and part and parcel of all of that was...
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Jan 15, 2013
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economy. >>> and jump t to the top of the ftse 100 after third quarter revenue beat the forecast, burberry had earnings higher than expected. >>> all right. sorted out my mike issues. "worldwide exchange" is slightly different today because we're analyzing the first german gdp numbers. >> and i come to the u.s. where it's all annualized and we stick to the european data and it's quarter on quarter. given the context, we're still working through what all that means. >> exports in november, down 94.1 billion is where we essentially went. 98.4 billion was the october numbers. so exports in november driving down. and that gdp number is worth pulling out. exports for the year, up 4.1%. as far as production is concerned, it was up 2% in november. but the forecast were for it to rise up 1%. it was a very weak october, as well. it was this production and that production number. when that came out, it essentially made people put a pretty fourth quarter in the whole, kelly. what we're trying to do is de
economy. >>> and jump t to the top of the ftse 100 after third quarter revenue beat the forecast, burberry had earnings higher than expected. >>> all right. sorted out my mike issues. "worldwide exchange" is slightly different today because we're analyzing the first german gdp numbers. >> and i come to the u.s. where it's all annualized and we stick to the european data and it's quarter on quarter. given the context, we're still working through what all that...
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Jan 8, 2013
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rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >>> welcome back to the program. >> samsung will forecast an operating record profit in the fourth quarter. >> and aig considers legal action against the u.s. over its massive government bailout. >>> yes, talk about that. aig's board is meeting reportedly tomorrow to consider whether to sue the u.s. government over its $182 billion bailout which it just finished paying off. the "new york times" suggests the aig may join a $25 billion suit filed by former ceo hank greenberg. the suit argues the nature of the bailout with the u.s. taking a 92% stake and made whole aig's wall street clients deprived shareholders billions of dollars. ahh, if you're a shareholder, you're most at risk when the company goes bust. isn't that th
rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >>> welcome back to the program. >> samsung will forecast an operating record profit in the fourth quarter. >> and aig considers legal...
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Oct 8, 2013
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economy that's doing okay. the alternative, and that's why the markets are kind of, you know, stuck, they're in pause mode waiting for news. at some point, you know, i mean, i tend to agree that the 17th of october deadline is poorest and that they will still have some funding thereafter. but, you know, according to cbo estimates, certainly by the 30th of october, the u.s. effectively will have run out of money. so it is coming even if there is no specific date. every day that goes tapast, i expect the market will start to panic because no one knows -- >> what would panic look like? >> well, that's exactly the problem. no one knows what it's like for a technical default from the world's global reserve currency. it's never happened before. so we don't really know what it looks like. >> i'm just wondering what that would be like, to maybe think about pricing that in, what action -- >> i mean, it's got to favor safe havens, but does it favor treasuries? that's the real question. should it help gilt? yes. jgbs? yes
economy that's doing okay. the alternative, and that's why the markets are kind of, you know, stuck, they're in pause mode waiting for news. at some point, you know, i mean, i tend to agree that the 17th of october deadline is poorest and that they will still have some funding thereafter. but, you know, according to cbo estimates, certainly by the 30th of october, the u.s. effectively will have run out of money. so it is coming even if there is no specific date. every day that goes tapast, i...
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Jan 14, 2013
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economy. his comments will set the tone for a fed meeting scheduled for later in the month. >> it will be interesting to see how that jives with what we heard over the weekend, as well. . >>> also, following, apple's report is slashing orders for iphone 5 components because of weak demand. reports suggested the tech giant discussed cutting orders for its iphone. >>> president joe biden is delivering a recommendation on reducing gun voice to the president tomorrow. he said several proposals have broad support, including enforcing background checks and banning high capacity ammunition magazines. biden was asked to come up with the recommendations following the sandy hook shootings last month. >>> the debt ceiling dispute is heating up. the white house says congress can pay its bills or it can fail to act and put the nation into default. some reports suggest the government could run out of cash to pay all its bills as early as mid february. >> thanks for that. there's plenty to keep you entertain
economy. his comments will set the tone for a fed meeting scheduled for later in the month. >> it will be interesting to see how that jives with what we heard over the weekend, as well. . >>> also, following, apple's report is slashing orders for iphone 5 components because of weak demand. reports suggested the tech giant discussed cutting orders for its iphone. >>> president joe biden is delivering a recommendation on reducing gun voice to the president tomorrow. he...
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May 2, 2013
05/13
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economy. >> and we'll bring you a first on interview with the ceo of dbs. >> we'll have a review of malaysia's most closely contested election. find out why this ballot could change the country's course for years to come. that's at 10:50 cet. >> and shortly after that, we'll ahead out to washington for a preview of gm's conditions. >>> plus, faced with having a mobile business a year ago to now making 30% of its ad revenue from mobile in the first quarter, can the strength of that continue? we'll try and get some answers at 11:50 cet. have you got any comments you want to make? >> do you have facebook via mobile? >> no. >> me, neither. >> i'm not a facebook user. >> do you have an account, a profile? >> i have a name and that is it. >> you know what you need is fan page. >> no, i don't. >> yeah, i think that's exactly what you need. >> no, i don't. >> get to work, people. >> yeah, i'll get my people to do it. is that how they manage? you have a team running your facebook page? team, get on wit
economy. >> and we'll bring you a first on interview with the ceo of dbs. >> we'll have a review of malaysia's most closely contested election. find out why this ballot could change the country's course for years to come. that's at 10:50 cet. >> and shortly after that, we'll ahead out to washington for a preview of gm's conditions. >>> plus, faced with having a mobile business a year ago to now making 30% of its ad revenue from mobile in the first quarter, can the...
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Mar 11, 2013
03/13
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rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >>> welcome back to "worldwide exchange." i'm kelly evans and these are your headlines from around the world. european stocks are starting the week in the red after italy's credit rating is cut. >>> and china acts as its railways ministry as the country unveils its biggest government overhaul in 15 years. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. >>> given the kind of week we had for u.s. stocks, it's perhaps understandable that they're taking a bit of a pause, a breather perhaps today. the dow looking to give up about 10 or 11 points at the open but still clinging on to that 14,300 level which is remarkable. the nasdaq and the s&p 500 looking to give up a coup
rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >>> welcome back to "worldwide exchange." i'm kelly evans and these are your headlines from around the world. european stocks are starting...
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Oct 31, 2013
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is the economy weaker or not weaker? what it has done is maybe just shift the balance of risk a little bit towards an early start. this is where we stand with futures at the moment. as far as european equities are concerned, we are down. shell weighing on the ftse 1 00 today. we'll talk about the major oil companies coming up. the xetra dax is currently down 0.2%. the cac 40 is fairly flat, as you can see. good numbers from alcatel lucent and bnp paribas. revenue up 15%. the restructuring plan worked. the euro/dollar weaker an the interview that jeff had suggesting there could be more liquidity to come. we'll hear potentially from the ecb's meeting next week. dollar/yen, .9502. now also, of course, focused on what facebook was saying the other night, revenues up, but there's concern about a decline in younger users. the tech meeting is in ireland for the second day of the 2013 summit. let's rejoin karen as she's talking to some of the more fascinating high growth companies. karen. >> thanks very much for that, ross. let'
is the economy weaker or not weaker? what it has done is maybe just shift the balance of risk a little bit towards an early start. this is where we stand with futures at the moment. as far as european equities are concerned, we are down. shell weighing on the ftse 1 00 today. we'll talk about the major oil companies coming up. the xetra dax is currently down 0.2%. the cac 40 is fairly flat, as you can see. good numbers from alcatel lucent and bnp paribas. revenue up 15%. the restructuring plan...
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Oct 3, 2013
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do we see any hiccup in the economy and get to the brink and do have dislocates in the economy that will certainly affect the consumer. but, you know, the consumer is not really paying much attention to the shutdown. however, people who respect getting paychecks, the government employees, they are paying attention. they won't be spending around the d.c. area and other parts of the country where the government is a big employer. >> if things aren't that great why is sam sohn hiring 70,000 seasonal workers? >> boy, that's a good question. amazon sales will be up 22%, 23% for the holiday and they've hired 40% more people. so you say, what are thinkingy well, they've opened a lot more distribution centers to be closer to the customer so they have to staff them. so they're hiring a lot more people than they'll have sales. >> the that the -- >> which means they'll be losing money. >> they always lose money. nobody cares. the stock price stays up anyway. >> you need to attract the chinese buyers, i think. let me ask you, the national retail federation, pretty optimistic, forecasting a rise of 3
do we see any hiccup in the economy and get to the brink and do have dislocates in the economy that will certainly affect the consumer. but, you know, the consumer is not really paying much attention to the shutdown. however, people who respect getting paychecks, the government employees, they are paying attention. they won't be spending around the d.c. area and other parts of the country where the government is a big employer. >> if things aren't that great why is sam sohn hiring 70,000...
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Jan 17, 2013
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. >> for the economy? i think we have to divorce the economy from the market. >> have we been price thatting that out? >> we have to be clear that markets are totally different from the economy. for the markets, we're looking at 2% scenario. scenario a would be similar to 2012 where i think actually the economy doesn't do that well. the first half is difficult. second half is a bit better. we've still got the fed printing 5 billion a month. we could see a rerun of 2012. maybe mid to single high digit returns. >> did you get exposure of citi to bofa here? >> we wouldn't be. we're taking a little bit of money off the table or indeed i think we did. the level of implied volatility makes perfect sense here. >> we'll leave it here for now. thanks very much. over to you, ross. >> kelly, thanks for that. so we are just about an hour and 20 minutes into the trading day here in europe. you can see advancers just about outpace decliners by a ratio of 6 to 4 and we're up near the high point of the session which has d
. >> for the economy? i think we have to divorce the economy from the market. >> have we been price thatting that out? >> we have to be clear that markets are totally different from the economy. for the markets, we're looking at 2% scenario. scenario a would be similar to 2012 where i think actually the economy doesn't do that well. the first half is difficult. second half is a bit better. we've still got the fed printing 5 billion a month. we could see a rerun of 2012. maybe...
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Dec 20, 2013
12/13
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i do think corporates are still cautious about the outlook for the economy. there is still some uncertainty around what type of structural rates and tax reforms are going to be delivered. so i think corporates will maintain a cautious eye on those developments and i don't think we can expect a renaissance in japanese business investment anytime soon. >> what should be part of the third arrow? >> well, i think abe has done some good things in terms of agricultural reforms and things like that. but for corporate, labor market deregulation remains high on the agenda. there's some hope that these issues can be addressed through the special economic zones that are going be established. but i think the broad, you know, game changing labor market reforms, the easing of hiring and firing, that is still a very political taboo topic in japan. and i don't think abe is going to have sort of the muscle to tackle it. >> nice to see you. you have a good evening there in hong kong. thanks for joining us, japanese economist at hsbc. >> thank you. >>> chinese cash country cont
i do think corporates are still cautious about the outlook for the economy. there is still some uncertainty around what type of structural rates and tax reforms are going to be delivered. so i think corporates will maintain a cautious eye on those developments and i don't think we can expect a renaissance in japanese business investment anytime soon. >> what should be part of the third arrow? >> well, i think abe has done some good things in terms of agricultural reforms and things...
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Aug 1, 2013
08/13
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economy slower. next year forecasting a strong recovery and auto is a big part of that. >> is this a tide that lifts all boats, will some do better than others? >> for the short-term, you want to focus on the domestic manufacturers, they're more levered to the truck resurgency here. that's been driven by the housing and energy sector recoveries. with respect to cars, midsized cars is the most competitive -- midsized sedans are the most xesive segments right now. and luxury sales as we heard yesterday remain strong as well. so it is a relatively broad-based recovery. underlying currents of credit availability are what is substantiating it, but we think there is more room to run. >> what sort of credit deals are there at the moment? >> well, there is various zero% financing deals for as long as 60 to 72 months in many cases and many manufacturers are offering incentives for leasing activities. leasing activities is one of the key credit drivers this year to help encourage lower monthly paint and encour
economy slower. next year forecasting a strong recovery and auto is a big part of that. >> is this a tide that lifts all boats, will some do better than others? >> for the short-term, you want to focus on the domestic manufacturers, they're more levered to the truck resurgency here. that's been driven by the housing and energy sector recoveries. with respect to cars, midsized cars is the most competitive -- midsized sedans are the most xesive segments right now. and luxury sales as...
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Jan 4, 2013
01/13
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economy. i think it was a turn in the housing market. it was cheap energy and an improvement in u.s. manufacturing. but nevertheless, i think you are seeing for fundamental reasons have pretty good strength in the u.s. >> well, that was jim's view. chris, what do you take away from the minutes yesterday? it had a big impact on the dollar, pushing benchmark yields higher, as well. i think we have to be contextualizing what comes out for minute statements compared with headlines. and i think that the real issue has been the fed has decided in the last six months to start actively talking about policy as part of the policy, if you like. it's the giving voice to what's going on. and we've heard a lot more from the fed about what it's anticipating doing in 2013/14. the idea that there's probably a relatively even balance, bear in mind we have new fed members coming in this year, there's a relatively even balance between people that think you should do more accommodate than not. it takes take away the weapons the fed was already working with u
economy. i think it was a turn in the housing market. it was cheap energy and an improvement in u.s. manufacturing. but nevertheless, i think you are seeing for fundamental reasons have pretty good strength in the u.s. >> well, that was jim's view. chris, what do you take away from the minutes yesterday? it had a big impact on the dollar, pushing benchmark yields higher, as well. i think we have to be contextualizing what comes out for minute statements compared with headlines. and i...
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Nov 25, 2013
11/13
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that will be net positive for a whole lot of factors, the economy particularly, the european economy, european stock market. we're seeing that today. i was recently in the middle east. interestingly the mood over there is actually quite positive around the potential for getting a deal. there are two sides to this story. there is the siede that suggest if they can create a successful nuclear program, that nobody will be able to pick on them and that they would do whatever it takes. however, everybody can see that the sanctions have been biting and biting very hard and i think that is what is causing the negotiation and the discussion. >> yeah. the interesting thing is we'll have to see where we go for the next six months. it's not clear whether the agreement recognizes iran's enriching uranium or not. we'll have to see where we go for this. does the benefit for europe and struggling economies, the implications for economies like saudi arabia and then others like russia sls involve a significant one? >> enormously significant. if you look at a break in the oil price across most of the c
that will be net positive for a whole lot of factors, the economy particularly, the european economy, european stock market. we're seeing that today. i was recently in the middle east. interestingly the mood over there is actually quite positive around the potential for getting a deal. there are two sides to this story. there is the siede that suggest if they can create a successful nuclear program, that nobody will be able to pick on them and that they would do whatever it takes. however,...
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Feb 26, 2013
02/13
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rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >>> travelers spent $17 billion a year trying to avoid roaming charges, according to our next guest. and he says roaming charges are a critical revenue generator for mobile services, but they're becoming highly po lit sized in the eu. if you're wondering where kelly is today, it's because she's still in barcelona. you can't get enough of it. >> ross, that's right. i'm still practicing that spanish dusting it off. fascinating company with me here now. cinaburst. it's not a name many know, but everyone is using it. if you think the roaming charges are just something in the mobile universe, think again. they're actually a major revenue stream. jeff, ceo of syniversee, joins me now. you're a tampa based company that has som
rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >>> travelers spent $17 billion a year trying to avoid roaming charges, according to our next guest. and he says roaming charges are a critical...
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May 21, 2013
05/13
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the economies is amazingly poor by standards. they might say that indicates that markets are increasingly hopeful that economies will cover next year and the year after that. but so far, it's been an optimism about recovery has been misplaced. >> what gdp there is, firms are taking the bigger chunk of it, aren't they, as well? >> well, that's been very helpful. you can't continue to have a rising share of gdp. so the good news in one sense is from a corporate point of view, profits are higher and justifies why equity markets are higher. you have to have a decent equity share. >> the other thing is this yield question. when bp is borrowing money at 2% and its stock is yielding 4% or 5%, it's a no-brainer. >> absolutely. you pay these big dividends and from a policy point of view, it's what's happening with the smaller and peat yumm sizes. you don't immediately get access to the markets. and bank lending in certain parts of the world is not particularly generous. >> which comes back to what is your view on the paper and when they e
the economies is amazingly poor by standards. they might say that indicates that markets are increasingly hopeful that economies will cover next year and the year after that. but so far, it's been an optimism about recovery has been misplaced. >> what gdp there is, firms are taking the bigger chunk of it, aren't they, as well? >> well, that's been very helpful. you can't continue to have a rising share of gdp. so the good news in one sense is from a corporate point of view, profits...
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Feb 13, 2013
02/13
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economy. it's more, again, extreme scenarios, the fears are behind us. and valuation of equities still appear to be reasonable, i would say, versus other categories of assets. >> do you feel like french political leaders that the europe is too high? >> i think for, of course, europe is to have a currency which would not be overvalued because yes, what we expect going forward is more investments in order to export more. thanks to all the efforts made on competitive not. if, again, all these efforts are destroyed because there is a currency war and the euro is suffering in particular, that would be the torment to europe. hopefully the euro should stay at something reasonable versus the dollars and other currencies. >> and president obama used his state of the union address to challenge a divided congress to make government work for the many. the president touched on a wide range of issues including gun control and immigration. his hour-long speech focused mainly on the economy. he's backing high
economy. it's more, again, extreme scenarios, the fears are behind us. and valuation of equities still appear to be reasonable, i would say, versus other categories of assets. >> do you feel like french political leaders that the europe is too high? >> i think for, of course, europe is to have a currency which would not be overvalued because yes, what we expect going forward is more investments in order to export more. thanks to all the efforts made on competitive not. if, again,...
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Oct 21, 2013
10/13
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we can focus back to the economy. i'm not saying the numbers are so great, but the fact that we were able to get through this whole budget debacle and washington's just inability to get together and create what is perceived to be a strong footing. the fact that we could get through that, i think we're going higher. earnings estimates have already been reduced pretty far, and like you said, we're going to see 1/4 of the s&p 500 companies report this week. there's not much down side here. there's only up side. the reason i say that, we saw the vix, the volatility index, the fear index, that topped out at around 20, 21 last week and it has been steadily, steadily decreasing. we're almost all the way down to where we hit the lows in the summer, in the low 12 handle. we're not quite there yet but we're still trending down lower. i think we'll see a jobs number tomorrow which will pretty much tell everybody that tapering is off the table through 2013. we'll see decent numbers come out of these big s&p 500 companies. now i t
we can focus back to the economy. i'm not saying the numbers are so great, but the fact that we were able to get through this whole budget debacle and washington's just inability to get together and create what is perceived to be a strong footing. the fact that we could get through that, i think we're going higher. earnings estimates have already been reduced pretty far, and like you said, we're going to see 1/4 of the s&p 500 companies report this week. there's not much down side here....